North Carolina Tax Changes - October 2024
Week Of 10.07.2024
The North Carolina Department of Revenue is offering tax relief to individuals and businesses affected by Hurricane Helene.
This relief applies to the entire state of North Carolina.
Here's what the tax relief covers:
- Late Action Penalties: The Department will waive any late action penalties assessed for licenses, returns, or payments due between September 25, 2024, and May 1, 2025, as long as the license is obtained, the return is filed, or the tax is paid by May 1, 2025.
Who qualifies for tax relief:
- Individuals: Living in North Carolina.
- Businesses: With a principal place of business in North Carolina (including tax-exempt organizations).
- Individuals and Businesses: Whose records necessary to meet a state tax deadline are located in North Carolina.
- Relief Workers: Assisting in North Carolina and affiliated with a recognized government or philanthropic organization.
- Individuals: Visiting North Carolina who were killed or injured as a result of the disaster.
What qualifies for penalty relief:
- Failure to obtain a license.
- Failure to file a return.
- Failure to pay tax when due.
- Failure to file an informational return.
How to request tax relief:
- Form NC-5500 (Request to Waive Penalties): Complete the "natural disaster" section and write "Hurricane Helene" at the top.
- Form NC-5501 (Request for Waiver of an Informational Return Penalty): Place an "X" in the "other" block on Part 4 and write "Hurricane Helene" as the circumstance that prevented timely filing.
- Call the Department: 1-877-252-3052.
Note: Taxpayers who previously received tax relief through February 3, 2025, due to Tropical Storm Debby now qualify for tax relief through May 1, 2025.
Week Of 10.07.2024
North Carolina Provides Tax Relief for Victims of Hurricane Helene
The North Carolina Department of Revenue has announced that it will offer tax relief to affected individual and business taxpayers in the entire state of North Carolina who were affected by Hurricane Helene. The Department will remove any late action penalties assessed against affected taxpayers for licenses, returns, or payments due on September 25, 2024 through May 1, 2025, if the license is obtained, the return is filed, or the tax is paid by May 1, 2025. (Important Notice: Tax Relief for Victims of Hurricane Helene, N.C. Dept. of Rev., 10/03/2024.)
Affected taxpayers. North Carolina tax relief applies to all taxpayers identified as affected taxpayers by the IRS. Affected taxpayers include: (1) individuals who live in North Carolina; (2) businesses (including tax-exempt organizations) whose principal place of business is located in North Carolina; (3) other individuals and businesses whose records are necessary to meet a state tax deadline are located in North Carolina; (4) relief workers assisting in North Carolina and who are affiliated with a recognized government or philanthropic organization; or (5) any individual visiting North Carolina who was killed or injured as a result of the disaster.
North Carolina tax relief. The late action penalties that qualify for relief are as follows: (1) failure to obtain a license; (2) failure to file a return; (3) failure to pay tax when due; or (4) failure to file an informational return. The Department noted that affected taxpayers who previously received North Carolina tax relief through February 3, 2025 due to Tropical Storm Debby now qualify for North Carolina tax relief through May 1, 2025.
Requesting state tax relief. Affected taxpayers who are erroneously assessed a late action penalty or non-affected taxpayers who cannot meet their filing or payment requirements as a result of Hurricane Helene are advised to submit Form NC-5500 (Request to Waive Penalties) or Form NC-5501 (Request for Waiver of an Informational Return Penalty) and write “Hurricane Helene” at the top of the form; or call the Department at 1-877-252-3052. Affected taxpayers who submit Form NC-5500 should complete the “natural disaster” section of the form. Taxpayers who file Form NC-5501 should place an “X” in the block beside “other” located on Part 4 of the form and write “Hurricane Helene” as the circumstance that prevented the timely filing of the informational return.
Week Of 10.07.2024
North Carolina Provides Tax Relief for Victims of Hurricane Helene
The North Carolina Department of Revenue has announced that it will offer tax relief to affected individual and business taxpayers in the entire state of North Carolina who were affected by Hurricane Helene. The Department will remove any late action penalties assessed against affected taxpayers for licenses, returns, or payments due on September 25, 2024 through May 1, 2025, if the license is obtained, the return is filed, or the tax is paid by May 1, 2025. (Important Notice: Tax Relief for Victims of Hurricane Helene, N.C. Dept. of Rev., 10/03/2024.)
Affected taxpayers. North Carolina tax relief applies to all taxpayers identified as affected taxpayers by the IRS. Affected taxpayers include: (1) individuals who live in North Carolina; (2) businesses (including tax-exempt organizations) whose principal place of business is located in North Carolina; (3) other individuals and businesses whose records are necessary to meet a state tax deadline are located in North Carolina; (4) relief workers assisting in North Carolina and who are affiliated with a recognized government or philanthropic organization; or (5) any individual visiting North Carolina who was killed or injured as a result of the disaster.
North Carolina tax relief. The late action penalties that qualify for relief are as follows: (1) failure to obtain a license; (2) failure to file a return; (3) failure to pay tax when due; or (4) failure to file an informational return. The Department noted that affected taxpayers who previously received North Carolina tax relief through February 3, 2025 due to Tropical Storm Debby now qualify for North Carolina tax relief through May 1, 2025.
Requesting state tax relief. Affected taxpayers who are erroneously assessed a late action penalty or non-affected taxpayers who cannot meet their filing or payment requirements as a result of Hurricane Helene are advised to submit Form NC-5500 (Request to Waive Penalties) or Form NC-5501 (Request for Waiver of an Informational Return Penalty) and write “Hurricane Helene” at the top of the form; or call the Department at 1-877-252-3052. Affected taxpayers who submit Form NC-5500 should complete the “natural disaster” section of the form. Taxpayers who file Form NC-5501 should place an “X” in the block beside “other” located on Part 4 of the form and write “Hurricane Helene” as the circumstance that prevented the timely filing of the informational return.